Technology

Miami International Holdings Reports Second Quarter 2026 Results

Published

2 hours ago

August 5, 2026

Record Q2 Net revenue of $141 million (+35% YoY)Q2 GAAP diluted EPS of $0.40; Adjusted diluted EPS of $0.48Q2 Adjusted EBITDA of $77 million (+57% YoY); Adjusted EBITDA margin of 54% (+>700 bps YoY)Updates full-year 2026 expense guidance

PRINCETON, N.J. and MIAMI, Aug. 5, 2026 /PRNewswire/ — Miami International Holdings, Inc. (MIAX or MIH) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced financial results for the second quarter of 2026.

MIAX achieved strong financial performance in Q2 2026 with record net revenue, adjusted EBITDA, and adjusted earnings. Total net revenue grew 35% year-over-year to $141.1 million, adjusted EBITDA increased 57% to $76.8 million, and adjusted EBITDA margin expanded by more than 700 basis points to 54%. Adjusted diluted earnings per share was $0.48. The company’s options business benefited from elevated market volatility during the quarter, which led to a 25% year-over-year increase in average daily volume to 11.0 million contracts.

“We delivered another record quarter, growing net revenue 35% year-over-year and successfully navigating a shifting market backdrop, demonstrating both our ability to execute consistently as well as sustained customer demand,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. “Our options business remains strong, our model’s operating leverage drove record margins, and our Bloomberg® index futures suite is now live.”

Mr. Gallagher added: “We remain disciplined in how we allocate capital and execute our strategy, and continue to invest in a product pipeline that we expect will contribute meaningfully to continued, long-term growth.”

Second Quarter 2026 Highlights

All figures are compared to the second quarter of 2025 unless otherwise stated.

Net revenue, defined as revenues less cost of revenues, grew 35%, or $36.5 million, to a record $141.1 million, compared to $104.7 million in the prior-year period. The increase was primarily driven by strong options business performance, including increased industry volumes and higher non-transaction revenue.Total operating expenses were $113.3 million, compared to $77.4 million in the prior-year period. The increase was primarily due to a litigation settlement charge as well as planned investments in headcount and technology to support growth initiatives, and increased marketing spend. These were partially offset by lower regulatory costs, lower share-based compensation, and 2025 acquisition-related costs.Operating income was $27.8 million, compared to $27.3 million in the prior-year period.Realized an income tax benefit of $15.4 million, primarily driven by a discrete tax benefit of $22.4 million related to share-based compensation.GAAP net income was $44.2 million, compared to $23.5 million in the prior-year period.Adjusted earnings increased 41% to $53.3 million, compared to $37.8 million in the prior-year period.Adjusted EBITDA increased 57% to $76.8 million, compared to $49.1 million in the prior-year period, driven primarily by strong growth in net revenues.Adjusted EBITDA margin expanded to 54% from 47% in the prior-year period.

Second Quarter 2026 Business Updates

MIAX options exchanges reached average daily volume of 11.0 million contracts in the second quarter of 2026, a 25.3% year-over-year (YoY) increase.MIAX options exchanges achieved market share of 16.5% in the second quarter of 2026, compared to 16.7% in the prior year period.Successfully launched Tini™ B100 Index Futures, Tini B500 Index Futures and B500 Index Futures during the quarter.

Summary of Selected Unaudited Condensed Consolidated Financial Results

($000, except per share amounts and percentages)

Consolidated Second Quarter Results

2Q26

June 30, 2026

2Q25

June 30, 2025

Change

Total revenues less cost of revenues (“Net revenue”)

$ 141,113

$ 104,662

35 %

Operating income

$ 27,797

$ 27,291

2 %

Net income attributable to MIH stockholders

$ 44,208

$ 23,527

88 %

Diluted EPS

$ 0.40

$ 0.30

33 %

Adjusted earnings*

$ 53,272

$ 37,760

41 %

Adjusted diluted EPS*

$ 0.48

— %

EBITDA

$ 32,350

$ 35,077

(8) %

Adjusted EBITDA*

$ 76,778

$ 49,059

57 %

Adjusted EBITDA margin %*

54 %

47 %

16 %

* Reconciliation of non-GAAP results is included in the tables below. See “Non-GAAP Financial Information” below.

Segment Results

($000)

Net Revenue by Business Segment

2Q26

June 30, 2026

2Q25

June 30, 2025

Change

Options

$ 124,394

$ 92,765

34 %

Equities

5,542

4,363

27 %

Futures

5,094

4,990

2 %

International

5,744

2,291

151 %

Corporate/Other

339

253

34 %

Total

$ 141,113

$ 104,662

35 %

Options

Net revenue grew 34% to $124.4 million, compared to $92.8 million in the prior-year period. Growth was primarily driven by higher net transaction fees tied to increased industry volume, and higher revenue per contract (RPC). Higher non-transaction fees were primarily driven by increased member connections, 2026 fee increases, the expiration of certain MIAX Sapphire related fee waivers, and new market data products.Operating income increased 10% to $64.9 million, compared to $59.2 million in the prior-year period. Growth was primarily due to higher net revenues, partially offset by a $22.5 million litigation settlement charge.Adjusted EBITDA grew 44% to $96.7 million, compared to $67.0 million in the prior-year period.

Equities

Net revenue grew 27% to $5.5 million, compared to $4.4 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved pricing.Operating loss of $2.3 million in the second quarter, compared to an operating loss of $3.1 million in the prior-year period. Growth was primarily due to higher net revenues.Adjusted EBITDA of ($0.5) million, compared to ($0.9) million in the prior-year period.

Futures

Net revenue was $5.1 million, compared to $5.0 million in the prior-year period. Net transaction fees were flat as increases in agricultural future revenues were offset by inverted financial futures revenue.Operating loss was $12.7 million, compared to an operating loss of $12.8 million in the prior-year period.Adjusted EBITDA of ($9.5) million, compared to ($9.0) million in the prior-year period.

International

Net revenue was $5.7 million, compared to $2.3 million in the prior-year period. The increase was primarily due to revenue generated by The International Stock Exchange Group Limited (TISE), which the company acquired in June 2025.Operating income was $1.1 million, compared to an operating loss of $1.2 million in the prior-year period. The increase was primarily due to the impact of the TISE acquisition.Adjusted EBITDA of $2.0 million, compared to ($0.6) million in the prior-year period.

Capital and Liquidity

As of June 30, 2026, MIAX had cash and cash equivalents of $660.5 million and total debt of $1.5 million.

FY 2026 Guidance

The company is updating full year 2026 expense guidance and now expects:

Adjusted operating expenses, which exclude share-based compensation, depreciation and amortization, and litigation expenses, in a range between $260 million and $270 million, down from previous guidance of between $265 million and $275 million;Share-based compensation expense in a range between $29 million and $32 million, up from previous guidance of between $27 million and $30 million;Capital expenditures, including capitalization of internally developed software, in a range between $40 million and $45 million, unchanged from previous guidance;Depreciation and amortization expense in a range between $35 million and $39 million, up from previous guidance of between $33 million and $38 million;Adjusted effective tax rate post valuation allowance release in a range between 27% and 29%, unchanged from previous guidance.

Webcast and Conference Call

MIAX will host a webcast and conference call to review its second quarter financial results today, August 5, 2026 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (International dial-in 412-317-6060) or access the webcast on the Investor Relations section of MIAX’s website at ir.miaxglobal.com. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event.

Non-GAAP Financial Information

Adjusted earnings, a non-GAAP financial measure, is defined as net income attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized loss on derivative and digital assets, loss on intangible asset, impairment charges, and non-GAAP tax adjustments.

Adjusted EBITDA, a non-GAAP financial measure, is defined as net income attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income tax provision and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs and settlement, acquisition-related costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, gain on sale of business, unrealized loss on derivative and digital assets, loss on intangible asset, and impairment charges.

Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by revenues less cost of revenues.

Adjusted diluted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis).

Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without unreasonable efforts. The company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the company’s ongoing operations. The company does not believe that this information is likely to be significant to an assessment of the company’s ongoing operations.

For a reconciliation of our non-GAAP results to our GAAP results, see the tables below.

About MIAX

Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX® operates eight exchanges across options, futures, equities and international markets including MIAX Options®, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures®, The Bermuda Stock Exchange, and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant and Notice Registered Broker-Dealer with the National Futures Association for purposes of facilitating transactions of security futures. To learn more about MIAX please visit www.miaxglobal.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expect,” “anticipates,” “eventually” or “projected.” You are cautioned that such statements are based on management’s current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in MIAX’s public filings with the Securities and Exchange Commission. In providing forward-looking statements, the company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.

All third-party trademarks (including logos and icons) referenced by the company remain the property of their respective owners. Unless specifically identified as such, the company’s use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the company. Any references by the company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

Contacts:

Investors
John T. Williams
investor.relations@miaxglobal.com

Media
Andy Nybo
media@miaxglobal.com

Miami International Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
Three and Six Months Ended June 30, 2026 and 2025
($000, except share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues:

Transaction and clearing fees

$ 331,884

$ 286,139

$ 647,294

$ 575,443

Access fees

34,941

26,106

68,298

50,189

Market data fees

12,206

10,253

25,161

19,895

Other revenue

8,598

5,286

16,566

9,334

Total revenues

387,629

327,784

757,319

654,861

Cost of revenues:

Liquidity payments

206,633

195,651

430,159

389,697

Brokerage, clearing, and exchange fees

15,360

14,481

31,637

30,935

Section 31 fees

22,976

11,815

22,976

35,225

Other cost of revenues

1,547

1,175

2,841

2,458

Total cost of revenues

246,516

223,122

487,613

458,315

Revenues less cost of revenues

141,113

104,662

269,706

196,546

Operating expenses:

Compensation and benefits

40,966

40,210

85,356

77,981

Information technology and communication costs

10,202

8,851

19,685

16,399

Depreciation and amortization

8,778

6,938

16,866

13,108

Occupancy costs

2,977

3,002

6,220

5,450

Professional fees and outside services

11,448

10,095

22,855

19,352

Marketing and business development

3,176

555

4,160

1,318

Acquisition-related costs

—

2,247

—

2,901

Litigation settlement

30,000

—

30,000

—

General, administrative, and other

5,769

5,473

10,799

10,453

Total operating expenses

113,316

77,371

195,941

146,962

Operating income

27,797

27,291

73,765

49,584

Non-operating (expense) income:

Change in fair value of puttable common stock

—

(1,688)

—

(1,891)

Change in fair value of puttable warrants issued with debt

—

(1,486)

—

(917)

Interest income

5,254

1,418

9,640

2,713

Interest expense and amortization of debt issuance costs

(44)

(4,902)

(89)

(9,332)

Loss on sale of intangible asset

—

(2,054)

—

(2,054)

Unrealized loss on derivative and digital assets

(337)

(4,605)

(2,878)

(47,018)

Gain on sale of business

—

50,570

—

Other, net

(3,911)

10,681

(2,179)

12,360

Income before income tax provision

28,782

24,655

128,829

3,445

Income tax benefit (expense)

15,426

(1,128)

85,603

(1,338)

Net income attributable to Miami International Holdings, Inc

$ 44,208

$ 23,527

$ 214,432

$ 2,107

Weighted-average shares of common stock outstanding

Basic

95,305,096

64,942,755

93,559,319

64,249,928

Diluted

110,713,513

78,458,195

109,943,953

77,952,959

Net income per share attributable to common stock

Basic

$ 0.46

$ 0.36

$ 2.29

$ 0.03

Diluted

$ 0.40

$ 0.30

$ 1.95

$ 0.03

Miami International Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
June 30, 2026 and December 31, 2025
($000, except share and per share amounts)

June 30,
2026

December 31,
2025

Assets

Current assets:

Cash and cash equivalents

$ 660,462

$ 433,648

Cash and securities segregated under federal and other regulations

26,894

27,618

Accounts receivable, net

119,864

98,107

Restricted cash

13,654

6,005

Clearing house performance bonds and guarantee funds

103,279

70,078

Receivables from broker-dealers, futures commission merchants, and clearing
organizations

138,329

133,533

Current portion of derivative assets

3,819

6,017

Other current assets

36,248

39,232

Assets held for sale

—

40,976

Total current assets

1,102,549

855,214

Investments

28,850

19,180

Fixed assets, net

64,149

46,854

Internally developed software, net

36,401

36,333

Goodwill

61,942

62,211

Other intangible assets, net

169,019

170,774

Deferred tax asset, net

74,404

—

Derivative assets, net of current portion

—

5,114

Other assets, net

63,073

63,745

Total assets

$ 1,600,387

$ 1,259,425

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable and other liabilities

$ 135,917

$ 69,780

Accrued compensation payable

27,115

39,412

Current portion of long-term debt

1,514

1,508

Deferred transaction revenues

9,207

9,572

Clearing house performance bonds and guarantee funds

102,779

69,578

Payables to customers

140,923

144,641

Payables to clearing organizations

5,716

Liabilities held for sale

—

2,758

Total current liabilities

423,171

337,260

Deferred income taxes

10,863

22,386

Other non-current liabilities

16,052

18,762

Total liabilities

450,086

378,408

Commitments and contingencies

—

Stockholders’ equity:

Common stock – voting and nonvoting, par value $0.001 (600,000,000 authorized
(400,000,000 voting, 200,000,000 nonvoting); 99,213,601 issued and 98,610,560
outstanding common stock at June 30, 2026 and 85,890,086 issued and 85,536,287
outstanding common stock at December 31, 2025

Common stock in treasury, at cost, 603,041 shares at June 30, 2026 and 353,799
shares at December 31, 2025

(18,296)

(8,232)

Additional paid-in capital

1,588,634

1,522,143

Accumulated deficit

(417,907)

(632,339)

Accumulated other comprehensive loss, net

(2,229)

(641)

Total stockholders’ equity

1,150,301

881,017

Total liabilities and stockholders’ equity

$ 1,600,387

$ 1,259,425

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA by segment ($000):

Three Months Ended June 30, 2026

Options

Equities

Futures

International

Corporate /
Other

Total

Net income (loss) allocated to common stockholders

$ 65,047

$ (2,336)

$ (15,744)

$ 879

$ (3,638)

$ 44,208

Interest expense and amortization of debt issuance costs

—

Interest income

(114)

—

(151)

(186)

(4,803)

(5,254)

Income tax (benefit) expense

—

(15,490)

(15,426)

Depreciation and amortization

4,494

1,306

1,800

551

627

8,778

EBITDA

69,427

(1,030)

(14,095)

1,308

(23,260)

32,350

Share-based compensation(1)

2,545

540

1,303

338

2,361

7,087

Investment loss(2)

—

3,279

—

731

4,010

Litigation costs and settlement(3)

24,763

—

8,254

33,017

Unrealized loss on derivative and digital assets(4)

—

337

—

337

Gain on sale of business(5)

—

(23)

Adjusted EBITDA

$ 96,735

$ (490)

$ (9,513)

$ 1,983

$ (11,937)

76,778

(1)

Share-based compensation represents expenses associated with stock options of $2.8 million, restricted stock awards of $2.4 million, restricted stock units of $1.8 million, and warrants of less than $0.1 million that have been granted to employees, directors and service providers. The 2026 expense of $7.1 million is made up of $5.2 million to employees within compensation and benefits, $0.2 million to service providers within professional fees and outside services, and $1.6 million to directors within general, administrative, and other.

(2)

Investment loss of $4.0 million represents an unrealized loss on marketable equity securities.

(3)

Litigation costs and settlement are associated with litigation related to the Nasdaq matter.

(4)

Reflects the aggregate unrealized loss resulting from the mark-to-market valuation of digital assets related to unlocked Pyth tokens and derivative assets related to the 125 million Pyth tokens that remain locked by the Pyth Network as of June 30, 2026.

(5)

Represents an adjustment to the gain on the sale of MIAXdx in January 2026.

Three Months Ended June 30, 2025

Options

Equities

Futures

International

Corporate /
Other

Total

Net income (loss) allocated to common stockholders

$ 59,529

$ (3,105)

$ (12,023)

$ (7,928)

$ (12,946)

$ 23,527

Interest expense and amortization of debt issuance costs

—

4,867

4,902

Interest income

(336)

—

(196)

(20)

(866)

(1,418)

Income tax expense

—

1,051

1,128

Depreciation and amortization

3,405

1,553

984

446

550

6,938

EBITDA

62,598

(1,552)

(11,200)

(7,425)

(7,344)

35,077

Share-based compensation(1)

3,781

642

2,703

150

2,148

9,424

Investment gain(2)

—

(454)

—

(8,650)

(9,104)

Litigation costs(3)

632

—

211

843

Acquisition-related costs(4)

—

2,247

Change in fair value of puttable warrants issued with debt(5)

—

1,486

Change in fair value of puttable common stock(6)

—

1,688

Loss on intangible asset(7)

—

2,054

—

2,054

Impairment charges(8)

—

739

Unrealized loss on derivative and digital assets(9)

—

4,605

—

4,605

Adjusted EBITDA

$ 67,011

$ (910)

$ (8,951)

$ (616)

$ (7,475)

$ 49,059

(1)

Share-based compensation represents expenses associated with stock options of $3.0 million, restricted stock awards of $6.2 million and warrants of $0.3 million that have been granted to employees, directors and service providers. The 2025 expense of $9.4 million is made up of $8.3 million to employees within compensation and benefits, $0.6 million to service providers within professional fees and outside services, and $0.5 million to directors within general, administrative, and other.

(2)

Investment gain of $9.1 million represents an unrealized gain of $8.6 million from the TISE acquisition, and $0.5 million of unrealized gain on available for sale marketable securities.

(3)

Litigation costs are associated with litigation related to the Nasdaq matter.

(4)

Relates to the TISE acquisition.

(5)

The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in August 2025.

(6)

The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the company’s ERPs I and II that had an associated put right which required the company to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025.

(7)

Represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025.

(8)

Impairment charges of $0.7 million related to owned land and building impairments.

(9)

Reflects the unrealized loss resulting from the mark-to-market valuation of the 250 million Pyth tokens that remain locked by the Pyth Network as of June 30, 2025.

Segment Operating Results

The following sets forth our results of operations by segment ($000):

Three Months Ended June 30, 2026

Options

Equities

Futures

International

Corporate /
Other

Total

Revenues:

Transaction and clearing fees

$ 276,641

$ 34,957

$ 20,221

$ 65

$ —

$ 331,884

Access fees

30,756

3,797

406

(57)

34,941

Market data fees

8,996

1,825

1,312

(7)

12,206

Other revenue

101

—

2,623

5,560

314

8,598

Total revenues

316,494

40,579

24,562

5,744

250

387,629

Cost of revenues:

Liquidity payments

174,153

28,336

4,144

—

206,633

Brokerage, clearing, and exchange fees

1,454

218

13,688

—

15,360

Section 31 fees

16,493

6,483

—

22,976

Other cost of revenues(1)

—

1,636

—

(89)

1,547

Total cost of revenues

192,100

35,037

19,468

—

(89)

246,516

Revenues less cost of revenues

124,394

5,542

5,094

5,744

339

141,113

Operating expenses:

Compensation and benefits

18,945

3,915

9,701

2,297

6,108

40,966

Information technology and communication costs

4,597

1,656

3,041

620

288

10,202

Depreciation and amortization

4,494

1,306

1,800

551

627

8,778

Occupancy costs

1,514

199

463

285

516

2,977

Professional fees and outside services

4,860

327

256

308

5,697

11,448

Marketing and business development

622

117

1,636

136

665

3,176

Litigation settlement

22,500

—

7,500

30,000

General, administrative, and other

1,928

358

887

453

2,143

5,769

Total operating expenses

59,460

7,878

17,784

4,650

23,544

113,316

Operating income / (loss)

64,934

(2,336)

(12,690)

1,094

(23,205)

27,797

Non-operating (expense) income:

Interest income

114

—

151

186

4,803

5,254

Interest expense and amortization of debt
issuance costs

—

(44)

Unrealized loss on derivative and digital assets

—

(337)

—

(337)

Gain on sale of business

—

Other, net

(1)

—

(3,205)

—

(705)

(3,911)

Income (loss) before income tax provision

65,047

(2,336)

(15,744)

943

(19,128)

28,782

Income tax benefit (expense)

—

(64)

15,490

15,426

Net income (loss) attributable to Miami International
Holdings, Inc

$ 65,047

$ (2,336)

$ (15,744)

$ 879

$ (3,638)

$ 44,208

(1)

Futures segment includes $0.4 million related to access fees, $0.4 million related to market data fees, and $0.8 million related to other revenue. Corporate / Other segment includes $(0.1) million related to other revenue.

Three Months Ended June 30, 2025

Options

Equities

Futures

International

Corporate /
Other

Total

Revenues:

Transaction and clearing fees

$ 232,412

$ 34,339

$ 19,311

$ 77

$ —

$ 286,139

Access fees

22,208

3,674

239

(57)

26,106

Market data fees

6,878

2,351

951

(7)

10,253

Other revenue

261

—

2,616

2,092

317

5,286

Total revenues

261,759

40,364

23,117

2,291

253

327,784

Cost of revenues:

Liquidity payments

161,039

30,855

3,757

—

195,651

Brokerage, clearing, and exchange fees

1,000

286

13,195

—

14,481

Section 31 fees

6,955

4,860

—

11,815

Other cost of revenues(1)

—

1,175

—

1,175

Total cost of revenues

168,994

36,001

18,127

—

223,122

Revenues less cost of revenues

92,765

4,363

4,990

2,291

253

104,662

Operating expenses:

Compensation and benefits

18,409

3,213

11,834

1,495

5,259

40,210

Information technology and communication costs

3,799

1,737

2,513

555

247

8,851

Depreciation and amortization

3,405

1,553

984

446

550

6,938

Occupancy costs

1,444

167

577

271

543

3,002

Professional fees and outside services

4,185

490

719

390

4,311

10,095

Marketing and business development

109

224

123

555

Acquisition-related costs

—

2,247

General, administrative, and other

2,221

281

952

212

1,807

5,473

Total operating expenses

33,572

7,468

17,803

3,441

15,087

77,371

Operating income / (loss)

59,193

(3,105)

(12,813)

(1,150)

(14,834)

27,291

Non-operating (expense) income:

Change in fair value of puttable warrants issued
with debt

—

(1,486)

Change in fair value of puttable common stock

—

(1,688)

Interest income

336

—

196

866

1,418

Interest expense and amortization of debt
issuance costs

—

(35)

—

(4,867)

(4,902)

Loss on intangible asset

—

(2,054)

—

(2,054)

Unrealized loss on derivative and digital assets

—

(4,605)

—

(4,605)

Other, net

—

629

(62)

10,114

10,681

Income (loss) before income tax provision

59,529

(3,105)

(12,023)

(7,851)

(11,895)

24,655

Income tax expense

—

(77)

(1,051)

(1,128)

Net income (loss) attributable to Miami International
Holdings, Inc

$ 59,529

$ (3,105)

$ (12,023)

$ (7,928)

$ (12,946)

$ 23,527

(1)

Includes $0.4 million related to access fees, $0.2 million related to market data fees, and $0.6 million related to other revenue.

The following summarizes revenues less cost of revenues, operating expenses, operating income (loss), adjusted EBITDA and adjusted EBITDA margin for our business segments ($000, except percentages):

Options

Equities

Three Months Ended

June 30,

Percent

June 30,

Percent

2026

2025

Change

2026

2025

Change

Revenues less cost of revenues

$ 124,394

$ 92,765

34.1 %

$ 5,542

$ 4,363

27.0 %

Operating expenses

59,460

33,572

77.1 %

7,878

7,468

5.5 %

Operating income (loss)

$ 64,934

$ 59,193

9.7 %

$ (2,336)

$ (3,105)

Adjusted EBITDA(1)

$ 96,735

$ 67,011

44.4 %

$ (490)

$ (910)

Adjusted EBITDA margin(2)

77.8 %

72.2 %

Futures

International

Three Months Ended

June 30,

Percent

June 30,

Percent

2026

2025

Change

2026

2025

Change

Revenues less cost of revenues

$ 5,094

$ 4,990

2.1 %

$ 5,744

$ 2,291

150.7 %

Operating expenses

17,784

17,803

(0.1) %

4,650

3,441

35.1 %

Operating income (loss)

$ (12,690)

$ (12,813)

$ 1,094

$ (1,150)

Adjusted EBITDA(1)

$ (9,513)

$ (8,951)

$ 1,983

$ (616)

Adjusted EBITDA margin(2)

34.5 %

* Not meaningful

(1)

See Reconciliation of Net income (loss) to EBITDA and Adjusted EBITDA above.

(2)

Adjusted EBITDA margin represents adjusted EBITDA divided by revenues less cost of revenues.

Reconciliations of GAAP Net Income to Adjusted Earnings

The following table is a reconciliation of net income allocated to common stockholders to adjusted earnings ($000):

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Net income allocated to common stockholders

$ 44,208

$ 23,527

$ 214,432

$ 2,107

Share-based compensation(1)

7,087

9,424

15,963

18,909

Investment (gain) loss(2)

4,010

(9,104)

2,640

(10,559)

Litigation costs and settlement(3)

33,017

843

35,785

1,876

Impairment charges(4)

—

739

—

739

Acquisition-related costs(5)

—

2,247

—

2,901

Change in fair value of puttable warrants issued with debt(6)

—

1,486

—

917

Change in fair value of puttable common stock(7)

—

1,688

—

1,891

Loss on intangible asset(8)

—

2,054

—

2,054

Unrealized loss on derivative and digital assets(9)

337

4,605

2,878

47,018

Gain on sale of business(10)

(23)

—

(50,570)

—

Total non-GAAP pre-tax adjustments

44,428

13,982

6,696

65,746

Income tax (expense) benefit related to items above(11)

(11,143)

251

1,395

(67)

One-off discrete tax adjustments(12):

Release of valuation allowance as of January 1, 2026

—

(109,161)

—

Deferred tax re-measurements

(327)

—

15,806

—

Other(13)

(23,894)

—

(30,554)

—

Total non-GAAP tax adjustments

(35,364)

251

(122,514)

(67)

Adjusted earnings

$ 53,272

$ 37,760

$ 98,614

$ 67,786

(1)

Share-based compensation represents expenses associated with stock options, restricted stock awards, restricted stock units, and warrants that have been granted to employees, directors and service providers.

(2)

2026 represents the unrealized loss on marketable equity securities. 2025 investment gain of $10.6 million represents unrealized gain of $8.6 million from the TISE acquisition, and $1.9 million of unrealized gain on available for sale marketable securities

(3)

Litigation costs and settlement are associated with litigation related to the Nasdaq matter.

(4)

Impairment charges of $0.7 million related to owned land and building impairments.

(5)

Relates to the TISE acquisition.

(6)

(7)

(8)

(9)

Reflects the aggregate unrealized loss resulting from the mark-to-market valuation of digital assets related to unlocked Pyth tokens and derivative assets related to Pyth tokens that remain locked by the Pyth Network as of each balance sheet date.

(10)

Represents the gain on the sale of MIAXdx in January 2026.

(11)

The income tax effect of the adjustments takes into account the tax treatment and related tax rate(s) that apply to each adjustment in the applicable tax jurisdiction(s).

(12)

Removes from Adjusted earnings any one-off discrete tax adjustments that are unrelated to our core operating performance.

(13)

Primarily relates to the removal of the permanent tax benefit for the excess tax deduction on share based compensation compared to the book expense.

Earnings Per Share

The following table sets forth the computation of diluted net income and adjusted diluted earnings per share ($000, except share and per share data):

Three Months Ended

June 30,

2026

2025

Net income attributable to MIH

$ 44,208

$ 23,527

Add: convertible debt interest expense, net of tax

—

118

Adjusted net income attributable to MIH

$ 44,208

$ 23,645

Diluted weighted-average common shares outstanding

110,713,513

78,458,195

Diluted net income per share

$ 0.40

$ 0.30

Adjusted earnings

$ 53,272

$ 37,760

Diluted weighted average shares outstanding used for
adjusted diluted earnings per share

110,713,513

78,458,195

Adjusted diluted earnings per share

$ 0.48

Key Business Metrics
Three and Six Months Ended June 30, 2026 and 2025

Three Months Ended
June 30,

Increase/
(Decrease)

Percent
Change

Six Months Ended
June 30,

Increase/
(Decrease)

Percent
Change

2026

2025

2026

2025

Options:

Number of trading days

—

— %

123

122

0.8 %

Total contracts:

Market contracts – Equity and ETF (in thousands)

4,123,929

3,252,039

871,890

26.8 %

7,945,384

6,468,272

1,477,112

22.8 %

MIH contracts – Equity and ETF (in thousands)

681,330

543,556

137,774

25.3 %

1,344,069

1,058,459

285,610

27.0 %

Average daily volume (“ADV”) (defined below)(1)

Market ADV – Equity and ETF (in thousands)(1)

66,515

52,452

14,063

26.8 %

64,597

53,019

11,578

21.8 %

MIH ADV – Equity and ETF (in thousands)(1)

10,989

8,767

2,222

25.3 %

10,927

8,676

2,251

25.9 %

MIH market share

16.5 %

16.7 %

(0.2) pts

(1.2) %

16.9 %

16.4 %

0.5 pts

3.0 %

Total Options revenue per contract (“RPC”)(2)

$0.124

$0.117

$0.007

6.0 %

$0.117

$0.112

$0.005

4.5 %

U.S. Equities:

Number of trading days

—

— %

123

122

0.8 %

Total shares:

Market shares (in millions)

1,253,109

1,139,907

113,202

9.9 %

2,472,166

2,081,595

390,571

18.8 %

MIH shares (in millions)

11,522

12,093

(571)

(4.7) %

22,308

22,651

(343)

(1.5) %

ADV(1):

Market ADV (in millions)(1)

20,211

18,386

1,825

9.9 %

20,099

17,062

3,037

17.8 %

MIH ADV (in millions)(1)

186

195

(9)

(4.6) %

181

186

(5)

(2.7) %

MIH market share

0.9 %

1.1 %

(0.2) pts

(18.2) %

0.9 %

1.1 %

(0.2) pts

(18.2) %

Equities capture (per 100 shares) (defined below)(3)

$(0.001)

$(0.014)

$0.013

$0.002

$(0.017)

$0.019

Futures:

Agricultural:

Number of trading days

—

— %

123

—

— %

Agricultural products total contracts

803,350

1,124,791

(321,441)

(28.6) %

1,463,136

2,222,907

(759,771)

(34.2) %

Agricultural products ADV(1)

12,957

18,142

(5,185)

(28.6) %

11,895

18,072

(6,177)

(34.2) %

Agricultural products RPC(2)

$2.262

$1.983

$0.279

14.1 %

$2.136

$2.202

$(0.066)

(3.0) %

Financial:

Number of trading days from launch(4)

Financial products total contracts

238,483

Financial products ADV(4)

7,949

Financial; products RPC(2)

$(1.766)

International:

Total listed securities (period end)

6,109

5,757

352

6.1 %

6,109

5,757

352

6.1 %

* Percentage calculation is not meaningful.

(1)

ADV is calculated as total contracts or shares for the period divided by total trading days for the period.

(2)

RPC represents transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees and Section 31 fees (Net Transaction Fees), divided by total contracts traded during the period.

(3)

Equities capture per one hundred shares refers to net transaction fees, divided by one-hundredth of total shares.

(4)

Financial futures launched on May 17 (trade date May 18). Accordingly, ADV is calculated as total contracts for the period divided by total trading days for the period beginning on May 18.

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SOURCE MIAX

Technology

Cboe Global Markets Reports Trading Volume for July 2026

Published

52 minutes ago

August 5, 2026

CHICAGO, Aug. 5, 2026 /PRNewswire/ — Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today reported July trading volume statistics across its global business lines.

The data sheet “Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report” contains an overview of certain July trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.

Average Daily Trading Volume (ADV) by Month

Year-To-Date

Jul

2026

Jul

2025

%
Chg

Jun
2026

%
Chg

Jul

2026

Jul

2025

%
Chg

Multi-listed options (contracts, k)

15,687

12,215

28.4 %

16,630

-5.7 %

14,938

12,886

15.9 %

Index options (contracts, k)

5,990

4,469

34.0 %

6,347

-5.6 %

6,145

4,688

31.1 %

Futures (contracts, k)1

207

178

16.1 %

242

-14.5 %

246

226

8.7 %

U.S. Equities – On-Exchange (matched shares, mn)

1,569

1,790

-12.4 %

2,185

-28.2 %

1,875

1,785

5.0 %

U.S. Equities – Off-Exchange (matched shares, mn)

208

141

47.4 %

250

-17.0 %

238

113

110.0 %

Canadian Equities (matched shares, k)

144,124

150,096

-4.0 %

182,398

-21.0 %

192,208

154,298

24.6 %

European Equities (€, mn)

14,024

12,490

12.3 %

14,950

-6.2 %

16,008

13,560

18.1 %

Australian Equities (AUD, mn)

989

870

13.7 %

1,165

-15.1 %

1,128

884

27.5 %

Global FX ($, mn)

61,071

48,514

25.9 %

64,267

-5.0 %

64,767

53,135

21.9 %

Cboe Clear Europe Cleared Trades (k)

147,855

122,973

20.2 %

144,356

2.4 %

1,005,054

935,981

7.4 %

Cboe Clear Europe Net Settlements (k)

1,442

1,236

16.6 %

1,419

1.6 %

9,337

7,726

20.9 %

1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.

July 2026 Trading Volume Highlights

U.S. Options

Cboe’s mini-SPX (XSP) options set a monthly ADV record of 238 thousand contracts, including a record monthly zero-days-to-expiry (0DTE) ADV of 138 thousand contracts.0DTE trading in July grew to a record high 66.2% of total S&P 500 (SPX) options volume.Total trading during Cboe’s Global Trading Hours (GTH) session (8:15 p.m. to 9:25 a.m. ET) set a monthly ADV record of 224 thousand contracts, including record SPX options GTH ADV of 197 thousand contracts.

Cboe Clear Europe

Cboe Clear Europe surpassed 1 billion cleared client cash equity trades year-to-date through July 31.

About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world’s first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world’s leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

Cboe Media Contacts

Cboe Analyst Contact

Angela Tu

Tim Cave

Kenneth Hill, CFA

+1-646-856-8734

+44 (0) 7593-506-719

+1-312-786-7559

atu@cboe.com

tcave@cboe.com

khill@cboe.com

CBOE-V

Cboe®, Cboe Global Markets®, Cboe Clear®, Cboe Futures Exchange®, CFE®, Cboe Volatility Index®, VIX®, and XSP® are registered trademarks of Cboe Exchange, Inc. or its affiliates. Standard & Poor’s®, S&P®, SPX®, and S&P 500® are registered trademarks of Standard & Poor’s Financial Services, LLC, and have been licensed for use by Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.

Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor’s or Cboe and neither Standard & Poor’s nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.

Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies, errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release.

There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/.

Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606.

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SOURCE Cboe Global Markets, Inc.

Technology

Cisco Schedules Conference Call for Q4 Fiscal Year 2026 Financial Results

Published

52 minutes ago

August 5, 2026

SAN JOSE, Calif., Aug. 5, 2026 /PRNewswire/ — Cisco (NASDAQ: CSCO) has scheduled a conference call for Wednesday, Aug 12, 2026, at 1:30 PM (PT); 4:30 PM (ET) to announce its fourth quarter fiscal year 2026 financial results for the period ending Saturday, July 25, 2026.

Financial results will be released over PR Newswire via US National and European Financial distribution, after the close of the market on Wednesday, Aug 12, 2026. Cisco’s quarterly earnings press release will be posted at https://newsroom.cisco.com.

Date:
Wednesday, Aug 12, 2026

Time:
1:30 PM (PT); 4:30 PM (ET)

To Listen via Telephone:
888-848-6507
212-519-0847 (for International Callers)

To Listen via the Internet:
We are pleased to offer a live and replay audio broadcast of the conference call with corresponding slides at https://investor.cisco.com.

The conference call will also be livestreamed on YouTube, LinkedIn, & X.

Replay:
A telephone playback of the Q4 FY2026 conference call is scheduled to be available beginning at 4:00 PM (PT) on Aug 12, 2026, through 10:00 PM (PT) Aug 18, 2026. The replay will be accessible by calling 800-839-2232 (International callers: 203-369-3662). The call runs 24 hours/day, including weekends. An archived version of the webcast will be available on Cisco’s Investor Relations website at https://investor.cisco.com.

About Cisco

Cisco (NASDAQ: CSCO) is the worldwide technology leader that is revolutionizing the way organizations connect and protect in the AI era. For more than 40 years, Cisco has securely connected the world. With its industry leading AI-powered solutions and services, Cisco enables its customers, partners and communities to unlock innovation, enhance productivity and strengthen digital resilience. With purpose at its core, Cisco remains committed to creating a more connected and inclusive future for all. Discover more on The Newsroom and follow us on X at @Cisco.

Investor Relations Contact:

Press Contact:

Sami Badri

Britt Stagnaro

Cisco

sambadri@cisco.com

media_pr@external.cisco.com

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SOURCE Cisco Systems, Inc.

Technology

Cognex Reports Second Quarter 2026 Results

Published

52 minutes ago

August 5, 2026

NATICK, Mass., Aug. 5, 2026 /PRNewswire/ — Cognex Corporation (NASDAQ: CGNX), the global technology leader in industrial machine vision, today reported financial results for the second quarter ended July 5, 2026.

Second-Quarter Financial and Operating Highlights

Achieved record quarterly revenue of $291 million, driven by broad-based strength across most major end markets; second-quarter revenue increased 17% year over year, or 16% on a constant-currency basis.Operating margin was 29.4%; delivered an Adjusted EBITDA margin of 32.2%, up 1,150 basis points year over year, marking the eighth consecutive quarter of margin expansion.Net income per diluted share was $0.43; generated Adjusted diluted earnings per share of $0.45, up 80% year over year, representing the eighth consecutive quarter of growth.Issued full-year 2026 guidance anticipating strong double-digit revenue growth and significant year-over-year expansion in profitability.Announced the general availability of OneVision™, with hundreds of customers using the platform to accelerate configuration and deployment of AI-powered vision applications.

“Q2 was another strong quarter for Cognex and further evidence that our strategy is driving results,” said Matt Moschner, President and CEO. “We delivered exceptional performance, highlighted by record revenue, strong margin expansion, and significant earnings growth, which we believe reflects both a more favorable demand environment and focused execution across the business. We continue to make meaningful progress against our strategic objectives to extend our leadership in AI-enabled machine vision, deliver the leading customer experience in the industry, and double our customer base.”

Mr. Moschner continued, “We believe that diversification is central to the next chapter of Cognex’s growth. We are focused on broadening our reach across customers, channels, adjacencies and end markets, while prioritizing the automation challenges where we expect our technology can create the most value. We believe this strategy will position Cognex to shape the future of AI-enabled machine vision and deliver more sustainable and profitable growth over time.”

Dennis Fehr, CFO, added, “We believe that our Q2 performance underscores the strength of our profitable growth strategy and the strong leverage in our financial model. We are continuing to transform our operating model to drive higher productivity, support sustainable margin expansion, and strengthen our ability to scale efficiently over time. We believe that this disciplined approach will enable us to support Cognex’s long-term growth objectives while reinforcing our commitment to creating shareholder value.”

Financial Performance Highlights for the Second Quarter
(Dollars in millions, except per share amounts)

Three-months ended

July 05, 2026

June 29, 2025

Y/Y Change

Revenue

$291

$249

+17 %

Operating Income

$86

$43

+100 %

% of Revenue

29.4 %

17.4 %

+1,200 bps

Adjusted EBITDA1

$94

$52

81 %

% of Revenue

32.2 %

20.7 %

+1,150 bps

Net Income per Diluted Share

$0.43

$0.24

+79 %

Adjusted EPS (Diluted)1

$0.45

$0.25

+80 %

1Adjusted EBITDA and Adjusted EPS (Diluted) include non-GAAP adjustments. A reconciliation from GAAP to non-GAAP metrics is provided in this news release.

Revenue was $291 million, compared with $249 million in the second quarter of 2025, an increase of 17%. Excluding the impact of foreign currency exchange (FX), revenue increased 16% compared to the prior year, driven by broad-based strength across most major end markets.Gross margin was 70.6% compared to 67.4% in the second quarter of 2025. Adjusted gross margin was 71.5% compared to 68.0% in the second quarter of 2025, an increase of 350 basis points. The year-over-year increase was primarily driven by favorable mix and volume. Tariff refunds were not a material contributor to the strong gross margin performance.Operating expenses were $120 million compared to $124 million in the second quarter of 2025, a decrease of 3%. Adjusted operating expenses were $119 million compared to $123 million in the second quarter of 2025, a decrease of 3%. On a constant-currency basis, Adjusted operating expenses decreased 5% year over year, primarily driven by disciplined cost management.Operating income was $86 million compared to $43 million in the second quarter of 2025, an increase of 100%. Operating margin was 29.4% compared to 17.4% in the second quarter of 2025, an increase of 1,200 basis points. Adjusted operating margin was 30.7% compared to 18.7% in the second quarter of 2025, an increase of 1,200 basis points.Adjusted EBITDA was $94 million compared to $52 million in the second quarter of 2025, an increase of 81%. Adjusted EBITDA margin was 32.2% compared to 20.7% in the second quarter of 2025, an increase of 1,150 basis points. The year-over-year expansion was driven by revenue growth and favorable mix.Net income of $73 million compared to $41 million in the second quarter of 2025, an increase of 78%. Adjusted net income of $76 million compared to $43 million in the second quarter of 2025, an increase of 77%.Net income per diluted share was $0.43 compared to $0.24 in the second quarter of 2025, an increase of 79%. Adjusted diluted earnings per share were $0.45 compared to $0.25 in the second quarter of 2025, an increase of 80%.

Balance Sheet and Cash Flow Highlights

As of July 5, 2026, Cognex’s financial position remained strong, with $755 million in cash and investments and no debt.During the second quarter, Cognex generated $69 million of cash from operating activities compared to $43 million in the second quarter of 2025, an increase of 60%.During the second quarter, Cognex generated Free Cash Flow (FCF) of $68 million compared to $40 million in the second quarter of 2025, an increase of 70%. Second quarter FCF conversion rate was 93% of net income and 89% of Adjusted net income. Trailing twelve-month FCF conversion rate was 153% of net income and 114% of Adjusted net income.Cognex paid $14 million in dividends to shareholders in the second quarter.

Dividend

On August 5, 2026, Cognex’s Board of Directors declared a quarterly cash dividend of $0.085 per share. The dividend is payable on September 3, 2026, to all shareholders of record at the close of business on August 20, 2026.

Guidance

Cognex issued third-quarter and full-year 2026 guidance; details are summarized in the tables below.

Table 1: Third-Quarter 2026 Guidance

(Dollars in millions, except per
share amounts)

Q3 2026
Guidance

Q3 2025
Results

Q3 2025
Results
ex CP*

Y/Y
Change**

Y/Y Change**
ex CP*

Revenue

$300 – $320

$277

$264

+12 %

+17 %

Adj. EBITDA Margin1

32% – 35%

24.9 %

22.1 %

+860 bps

+1,140 bps

Adj. EPS (diluted)1

$0.50 – $0.54

$0.33

$0.28

+58 %

+86 %

Table 2: Full-Year 2026 Guidance

(Dollars in millions, except per
share amounts)

2026
Guidance

2025
Results

2025 Results
ex CP*

Y/Y
Change**

Y/Y Change**
ex CP*

Revenue

$1,130 – $1,150

$994

$982

+15 %

+16 %

Adj. EBITDA Margin1

29% – 31%

21.5 %

20.7 %

+850 bps

+930 bps

Adj. EPS (diluted)1

$1.64 – $1.68

$1.02

$0.97

+63 %

+71 %

* Excluding the one-time benefit from the commercial partnership with a medical lab automation channel partner (the “CP”).

** At the midpoint of guidance.

1Cognex has provided the forward-looking non-GAAP measures of adjusted EBITDA margin, and adjusted earnings per share (diluted), but cannot, without unreasonable effort, forecast such items to present or provide a reconciliation to corresponding forecasted GAAP measures. These include special items such as reorganization charges, acquisition and integration charges, and amortization of acquisition-related intangible assets, all of which are subject to limitations in predictability of timing, ultimate outcome and numerous conditions outside of Cognex’s control. Additionally, these items are outside of Cognex’s normal business operations and not used by management to assess Cognex’s operating results. Cognex believes these limitations would result in a range of projected values so broad as to not be meaningful to investors. For these reasons, Cognex believes that the probable significance of such information is low. Information with respect to special items for certain historical periods is included in the section entitled “Reconciliation of Selected Items From GAAP to Non-GAAP”. In Q3 2025 the GAAP operating margin was 20.9% and GAAP earnings per share (diluted) were $0.10, and in full-year 2025, the GAAP operating margin was 16.3% and GAAP earnings per share (diluted) were $0.68.

Analyst Conference Call and Simultaneous Webcast

Cognex will host a conference call on August 6, 2026, at 8:30 a.m. Eastern Daylight Time (EDT). The telephone number is (877) 704-4573 or (201) 389-0911 if outside the United States.A real-time audio broadcast of the conference call or an archived recording, together with a slide presentation, will be accessible on the Events & Presentations page of the Cognex Investor website: www.cognex.com/investor.

Forward-Looking Statements

Certain statements made in this report, as well as oral statements made by Cognex Corporation (“Cognex”, “we”, “us”, “our”, or the “Company”) from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Readers can identify these forward-looking statements by our use of the words “expects,” “anticipates,” “estimates,” “potential,” “believes,” “projects,” “intends,” “plans,” “aims,” “will,” “may,” “shall,” “could,” “should,” “opportunity,” “goal,” “objective,” “target,” “milestone” and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance, financial targets, milestones and related timing expectations, the impacts of our strategic portfolio review, the impact of tariffs, customer demand and order rates and timing of related revenue, future product or revenue mix, research and development activities, sales and marketing activities including our salesforce transformation, new product offerings, innovation and product development activities, customer acceptance of our products, commercial partnerships, capital expenditures, cost management activities including expected annualized operating expense reductions, investments, liquidity, dividends and stock repurchases, strategic and growth plans and opportunities, financial and operating models, acquisitions, and estimated tax benefits and expenses, changes in tax legislation, and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the technological obsolescence of current products, the inability to develop new products, and the inability to achieve growth through expanding and adjacent markets; (2) the impact of competitive pressures; (3) the inability to attract and retain skilled employees and effectively plan for succession, while maintaining our unique corporate culture; (4) the failure to properly manage the distribution of products and services; (5) economic, political, and other risks associated with international sales and operations, including the impact of trade disputes, the imposition of tariffs, the economic climate in China, and the wars and conflicts involving Iran, Ukraine, and Israel and those that may arise in the future in the geographies where we conduct business; (6) the challenges in integrating and achieving expected results from acquired businesses; (7) uncertainty surrounding our future capital needs; (8) the inability to effectively scale our operations and salesforce to support a significantly expanded customer base in an increasing number of geographies; (9) information security breaches and other cybersecurity threats; (10) the failure to comply with laws or regulations relating to data privacy, data protection, artificial intelligence, or other automated technologies; (11) the inability to protect our proprietary technology and intellectual property; (12) the inability to manage direct and indirect disruptions to our supply chain, which could cause delays in obtaining components for our products at reasonable prices; (13) the failure to manufacture and deliver products in a timely manner; (14) the inability to obtain, or the delay in obtaining, components for our products at reasonable prices, including memory chips; (15) the inability to design and manufacture high-quality products; (16) the loss of, or curtailment of purchases by, large customers in the logistics, consumer electronics, or automotive end markets; (17) challenges in accurately forecasting our financial results due to seasonal and cyclical variations in customer purchasing patterns and economic and market volatility; (18) potential impairment charges with respect to our investments or acquired intangible assets; (19) exposure to additional tax liabilities, increases and fluctuations in our effective tax rate, and other tax matters; (20) fluctuations in foreign currency exchange rates and the use of derivative instruments; (21) unfavorable global economic conditions, including, without limitation, increases in interest rates, elevated inflation rates, and recession risks; (22) business disruptions from natural or man-made disasters, public health crises, or other events outside our control; (23) stock price volatility; (24) our involvement in time-consuming and costly litigation or activist shareholder activities; and (25) the failure to effectively transform our operating model, manage our expenses, and achieve expected cost reductions. The foregoing list should not be construed as exhaustive and we encourage readers to refer to the detailed discussion of risk factors included in Part I – Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report”), as updated by Part II – Item 1A of our Quarterly Reports on Form 10-Q as filed with the SEC. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation to subsequently revise forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date such statements are made.

COGNEX CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

July 5, 2026

December 31, 2025

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$ 302,521

$ 262,925

Current investments

101,849

74,037

Accounts receivable, net of allowance for credit losses of $726 and $728 in 2026 and
2025, respectively

216,232

146,713

Unbilled revenue

12,684

16,980

Inventories

142,839

137,889

Prepaid expenses and other current assets

73,755

58,702

Total current assets

849,880

697,246

Non-current investments

350,643

305,339

Property, plant, and equipment, net

81,452

86,015

Operating lease assets

68,543

72,310

Goodwill

381,385

386,279

Intangible assets, net

64,464

81,100

Deferred income taxes

377,830

383,272

Other assets

4,453

4,994

Total assets

$ 2,178,650

$ 2,016,555

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 65,060

$ 50,203

Accrued expenses

80,586

91,397

Accrued income taxes

9,126

9,141

Deferred revenue and customer deposits

48,978

21,094

Operating lease liabilities

12,281

11,716

Total current liabilities

216,031

183,551

Non-current operating lease liabilities

60,196

64,870

Deferred income taxes

248,888

250,512

Reserve for income taxes

21,963

24,269

Other liabilities

2,017

1,452

Total liabilities

549,095

524,654

Shareholders’ equity:

Preferred stock, $.01 par value – Authorized: 400 shares in 2026 and 2025,
respectively; no shares issued and outstanding

—

Common stock, $.002 par value – Authorized: 300,000 shares in 2026 and 2025,
respectively; issued and outstanding: 168,217 and 166,997 shares in 2026 and 2025,
respectively

336

334

Additional paid-in capital

1,294,544

1,138,708

Retained earnings

397,135

406,355

Accumulated other comprehensive loss, net of tax

(62,460)

(53,496)

Total shareholders’ equity

1,629,555

1,491,901

Total liabilities and shareholders’ equity

$ 2,178,650

$ 2,016,555

COGNEX CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)

Three-months Ended

Six-months Ended

July 5, 2026

June 29, 2025

July 5, 2026

June 29, 2025

Revenue

$ 291,263

$ 249,093

$ 559,700

$ 465,129

Cost of revenue (1)

85,490

81,217

162,988

152,930

Gross profit

205,773

167,876

396,712

312,199

Percentage of revenue

70.6 %

67.4 %

70.9 %

67.1 %

Research, development, and engineering expenses (1)

32,391

33,102

69,416

67,829

Percentage of revenue

11.1 %

13.3 %

12.4 %

14.6 %

Selling, general, and administrative expenses (1)

87,865

91,341

181,906

174,845

Percentage of revenue

30.2 %

36.7 %

32.5 %

37.6 %

Operating income

85,517

43,433

145,390

69,525

Percentage of revenue

29.4 %

17.4 %

26.0 %

14.9 %

Foreign currency gain (loss)

(862)

(1,503)

(2,207)

(3,956)

Investment income

5,091

4,040

9,927

8,030

Other income (expense)

(446)

2,092

(2,053)

2,261

Income before income tax expense

89,300

48,062

151,057

75,860

Income tax expense

16,544

7,551

26,597

11,746

Net income

$ 72,756

$ 40,511

$ 124,460

$ 64,114

Percentage of revenue

25.0 %

16.3 %

22.2 %

13.8 %

Net income per weighted-average common and common-
equivalent share:

Basic

$ 0.43

$ 0.24

$ 0.75

$ 0.38

Diluted

$ 0.43

$ 0.24

$ 0.74

$ 0.38

Weighted-average common and common-equivalent
shares outstanding:

Basic

167,346

167,886

166,921

168,568

Diluted

169,989

168,563

169,166

169,553

Cash dividends per common share

$ 0.085

$ 0.080

$ 0.170

$ 0.160

(1) Amounts include stock-based compensation expense, as follows:

Cost of revenue

$ 592

$ 537

$ 1,517

$ 1,205

Research, development, and engineering

3,388

3,443

8,482

8,139

Selling, general, and administrative

7,232

8,314

13,146

12,889

Total stock-based compensation expense

$ 11,212

$ 12,294

$ 23,145

$ 22,233

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures, including adjusted gross profit and margin, adjusted operating expense, adjusted operating income and margin, adjusted EBITDA and margin, adjusted net income, adjusted earnings per share of common stock, diluted, adjusted effective tax rate, and free cash flow and free cash flow conversion rate. Cognex defines its non-GAAP metrics as follows:

Adjusted gross profit and margin: Gross margin adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted operating expense: Operating expense adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted operating income and margin: Operating income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted EBITDA and margin: Operating income adjusted for amortization of acquisition-related intangible assets and depreciation, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs and one-time discrete events.Adjusted net income: Net income adjusted for amortization of acquisition-related intangible assets, as well as, if applicable, restructuring charges, reorganization charges, acquisition and integration costs, discrete tax items, tax impact on reconciling items and one-time discrete events (such as loss on sale of business).Adjusted earnings per share of common stock, diluted: Adjusted net income divided by diluted weighted average common and common-equivalent shares.Adjusted effective tax rate: Effective tax rate adjusted for discrete tax items and the net impact of the other non-GAAP adjustments.Free cash flow: Cash provided by operating activities less cash for capital expenditures.Free cash flow conversion rate: Free cash flow divided by net income or adjusted net income, as applicable.

Cognex may disclose results on a constant-currency basis as one measure to evaluate its performance and compare results between periods as if the exchange rates had remained constant period-over-period.

Cognex believes these non-GAAP financial measures are helpful because they allow investors to more accurately compare results over multiple periods using the same methodology that management employs in its budgeting process, in its review of operating results, and for forecasting and planning for future periods. Cognex’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain non-recurring expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

Please see the section “Reconciliation of Selected Items from GAAP to Non-GAAP” below for more detailed information regarding non-GAAP financial measures herein, including the items reflected in our adjusted financial metrics and a description of these adjustments.

COGNEX CORPORATION
RECONCILIATION OF SELECTED ITEMS FROM GAAP TO NON-GAAP
Dollars in thousands, except per share amounts
(Unaudited)

Three-months Ended

Six-months Ended

July 5, 2026

June 29, 2025

July 5, 2026

June 29, 2025

Gross profit (GAAP)

$ 205,773

$ 167,876

$ 396,712

$ 312,199

Acquisition and integration costs

218

211

434

453

Amortization of acquisition-related intangible assets

1,323

1,382

2,660

2,720

Reorganization charges

921

—

1,295

Adjusted gross profit

$ 208,235

$ 169,469

$ 401,101

$ 315,458

GAAP gross margin

70.6 %

67.4 %

70.9 %

67.1 %

Adjusted gross margin

71.5 %

68.0 %

71.7 %

67.8 %

Operating expense (GAAP)

$ 120,256

$ 124,443

$ 251,322

$ 242,674

Acquisition and integration costs

(15)

(259)

(30)

(797)

Amortization of acquisition-related intangible assets

(972)

(1,296)

(2,167)

(2,586)

Reorganization charges

(335)

—

(5,090)

(1,622)

Adjusted operating expense

$ 118,934

$ 122,888

$ 244,035

$ 237,669

Operating income (GAAP)

$ 85,517

$ 43,433

$ 145,390

$ 69,525

Acquisition and integration costs

233

470

464

1,250

Amortization of acquisition-related intangible assets

2,295

2,678

4,827

5,306

Reorganization charges

1,256

—

6,385

1,708

Adjusted operating income

$ 89,301

$ 46,581

$ 157,066

$ 77,789

GAAP operating margin

29.4 %

17.4 %

26.0 %

14.9 %

Adjusted operating margin

30.7 %

18.7 %

28.1 %

16.7 %

Depreciation (adjusted for amounts included in Acquisition and
integration costs)

4,358

5,095

8,830

10,178

Adjusted EBITDA

$ 93,659

$ 51,676

$ 165,896

$ 87,967

Adjusted EBITDA margin

32.2 %

20.7 %

29.6 %

18.9 %

Net income (GAAP)

$ 72,756

$ 40,511

$ 124,460

$ 64,114

Acquisition and integration costs

233

470

464

1,250

Amortization of acquisition-related intangible assets

2,295

2,678

4,827

5,306

Reorganization charges

1,256

—

6,385

1,708

Loss on sale of business

—

1,539

—

Discrete tax (benefit) expense

450

(211)

(729)

(518)

Tax impact of reconciling items

(1,102)

(891)

(3,740)

(2,256)

Adjusted net income

$ 75,888

$ 42,557

$ 133,206

$ 69,604

Earnings per share of common stock, diluted (GAAP)

$ 0.43

$ 0.24

$ 0.74

$ 0.38

Acquisition and integration costs

0.00

0.01

Amortization of acquisition-related intangible assets

0.01

0.02

0.03

Reorganization charges

0.01

—

0.04

0.01

Loss on sale of business

—

0.01

—

Discrete tax (benefit) expense

0.00

Tax impact of reconciling items

(0.01)

(0.02)

(0.01)

Adjusted earnings per share of common stock, diluted

$ 0.45

$ 0.25

$ 0.80

$ 0.41

Effective tax rate (GAAP)

18.5 %

15.7 %

17.6 %

15.5 %

Discrete tax benefit (expense)

(0.5) %

0.4 %

0.5 %

0.7 %

Net impact of other reconciling items

0.4 %

0.7 %

0.8 %

1.1 %

Adjusted effective tax rate

18.5 %

16.9 %

18.9 %

17.3 %

Cash provided by operating activities (GAAP)

$ 69,153

$ 42,625

$ 114,246

$ 83,127

Capital expenditures

(1,532)

(2,194)

(4,289)

(4,695)

Free cash flow

$ 67,621

$ 40,431

$ 109,957

$ 78,432

Description of adjustments:

In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides various non-GAAP measures that incorporate adjustments for the impacts of special items. Adjustments incorporated in the preparation of these non-GAAP measures for the periods presented include the items described below:

Depreciation:

The company incurs expense related to its normal use of property, plant and equipment.

Acquisition and integration costs:

The Company has incurred charges related to the purchase and integration of acquired businesses. During the periods presented, these costs were primarily related to the ongoing integration of Moritex Corporation, which the company acquired in the fourth quarter of 2023.

Amortization of acquisition-related intangible assets:

The Company excludes the amortization of acquired intangible assets from non-GAAP expense and income measures. These items are inconsistent in amount and frequency and are significantly impacted by the timing and size of acquisitions, and include the amortization of customer relationships, completed technologies, and trademarks that originated from prior acquisitions. The largest driver of intangible asset amortization was the acquisition of Moritex Corporation.

Reorganization charges:

The Company has incurred charges related to the reorganization of its employees. During the three-month period ended July 5, 2026, these costs consisted primarily of severance and consulting fees.

Loss on sale of business:

The Company has recognized a pre-tax loss related to the divestiture of its Japan-focused trading business, which includes direct costs associated with the divestiture incurred during the six-month period ended July 5, 2026.

Discrete tax (benefit) expense and tax impact of reconciling items:

Items unrelated to current period ordinary income or (loss) that generally relate to changes in tax laws, adjustments to prior period’s actual liability determined upon filing tax returns, adjustments to previously recorded reserves for uncertain tax positions, establishments and adjustments of valuation allowances, stock based compensation, and adjustments to deferred tax positions.We estimate the tax effect of items identified in the reconciliation by applying the statutory tax rate to the pre-tax amount.

About Cognex Corporation

For over 40 years, Cognex has been making advanced machine vision easy, paving the way for manufacturing and distribution companies to become faster, smarter, and more efficient through automation. Innovative technology in our vision sensors and systems solves critical manufacturing and distribution challenges, providing unparalleled performance for industries from automotive to consumer electronics to packaged goods.

Cognex makes these tools more capable and easier to deploy thanks to a longstanding focus on AI, helping factories and warehouses improve quality and maximize efficiency without needing highly technical expertise. We are headquartered near Boston, USA, with locations in over 30 countries and more than 30,000 customers worldwide. Learn more at cognex.com.

Investor Relations Contact:
Greer Aviv – Head of Investor Relations
Cognex Corporation
Greer.Aviv@cognex.com

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SOURCE Cognex Corporation